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April 6, 2012|Leonard Pitts, Jr., Absolute Acreage Matters

Q: Back in 1991, I bought a basin home with my mother as collective tenants with rights of survivorship. Due to my mom’s medical condition, I paid the accomplished 15-year mortgage and taxes myself and paid off the acreage in 2006. My mom was still listed on the deed.

Back in 2008, we did a quitclaim accomplishment to put the absolute acreage in my name back I paid for the accomplished thing. Today, my mom accustomed article from the IRS adage she may owe taxes because of the quitclaim deed. I accept no abstraction what the tax implications are for what I did.

I paid $45,000 for the home in 1991, and at the time of the quitclaim deed, the acreage was admired at about $375,000. Do you accept any abstraction what I charge to do? I ample back I paid the accomplished affair myself and I was listed as primary buyer anyway, and I aloof removed her name from title, there would be no tax accountability unless I awash the property.

My mom is still alive. Please advice with any acumen you could give.

A: The aboriginal affair you should do is to actuate whether the apprehension your mom accustomed from the IRS is absolutely from the IRS. You should apperceive that the recording of the quitclaim accomplishment

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